Track and field gold medallists at the Olympics in Paris will get prize money, a first for the sport, according to World Athletics President Sebastian Coe, who defended his decision.
In an interview with CNBC, four-time Olympic medallist and former British athlete Coe said it would be “inconsistent” for the sports governing body to profit from big broadcast and advertising deals without paying its elite athletes. A major change in acknowledging the efforts of Olympic victors was indicated by his suggestion that this programme might continue into future games.
Coe stated; “In a sense, athletes are the ones that carry the money that we receive.” He continued, “Their performances in our own World Championships and at an Olympic Games earn international athletics broadcast money from the International Olympic Committee.”
Coe stirs up controversy with announcement of $50,000 prize for Olympic gold medallists
Coe shocked the athletic community with a ground-breaking declaration that this year, $50,000 will be awarded to gold medalists in each of the 48 athletic disciplines at the Olympics in Paris. While sportsmen applauded this decision, other sports authorities were not so sure, claiming that putting a monetary value on an Olympic accomplishment betrays the spirit of the Games.
In a May BBC interview, five-time British Olympic rowing champion Steve Redgrave issued a warning against the International Olympic Committee’s (IOC) policy of not providing direct prize money for medals, saying it may create an “us and them situation” across sports.
Since taking office in 2015, Coe has implemented a calculated two-pronged plan to give athletes more recognition.
The first stage involves giving money to the national governing organizations of World Athletics to promote athletes and fund initiatives. Now, though, he stresses that gold medallists’ direct payouts will provide more long-term financial security and assistance for individual athletes and their families.
Currently serving his third term as president of World Athletics, Sebastian Coe has denied reports that he may run to replace Thomas Bach as IOC president. He stressed his steadfast dedication to his current position, saying he is “focused on every minute” of his three years left in office.